Banan, Armah ink MoU to develop 10 sports clubs

09/04/2025 Argaam

بنان وأرماح توقعان ملحق لمذكرة تفاهم لتطوير 10 أندية بدلاً من 6 أندية

Logo of Banan Real Estate Co.

Banan Real Estate Co. and Armah Sports Co. signed on April 8 a memorandum of understanding (MoU) to develop 10 instead of six sports clubs, within five years.

In separate statements to Tadawul, both companies said the MoU includes various financing sources, in addition to the real estate fund, provided by Banan or any of its subsidiaries.

 

For more news and details on the projects

 

If Banan provides the required funding and completes the development of the clubs, the revenue will be generated through the operation of the clubs, which will strengthen the company's financial position, Armah explained.

 

Any material updates will be duly announced.

 

In August 2024, Armah and Banan signed an MoU to develop six fitness clubs, within five years, by establishing a real estate fund, Argaam reported.

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